UPDATE 1-Nutreco cuts full-year profit outlook
(Adds details, quotes)
AMSTERDAM Oct 17 (Reuters) - Dutch animal feed group Nutreco cut its full-year profit forecast on Thursday because of difficult conditions in the fish feed sector, particularly in Norway where it faces tough competition and in China.
It said earnings before interest, taxes and amortisation (EBITA) and before exceptional items would be about 255 million euros ($344 million), having previously said they would be at least in line with last year's 262.1 million euros.
The fish feed business, which accounts for just under half of group sales, is now expected to report full-year EBITA before exceptional items well below last year's figure of 142 million euros, despite acquisitions in Ecuador and Egypt, Nutreco said.
"The EBITA contribution of newly acquired companies will be more than offset mainly by lower margins in Norway and to a lesser extent, an adverse foreign currency impact," Nutreco said in a trading update.
"The operating result in Q3 was lower than the same quarter of 2012 due to a lower EBITA margin in Norway in a challenging market environment and lower results in China."
Nutreco said it expects EBITA before exceptional items from its animal nutrition business - which accounts for just over half of group sales - to be in line with last year's figure of 149.2 million euros.
The Dutch firm reported flat third-quarter revenue of 1.49 billion euros. Analysts in a poll commissioned by Reuters had on average expected sales of 1.53 billion euros, with forecasts ranging from 1.44 billion to 1.58 billion.
($1 = 0.7412 euros) (Reporting by Sara Webb; Editing by David Cowell and Mark Potter)
- Exclusive: Secret contract tied NSA and security industry pioneer |
- U.S. aircraft hit by gunfire in South Sudan as conflict worsens
- Four men arrested in deadly N.J. shopping mall carjacking
- With Fed out of the way, what's next on Wall Street?
- Analysis: Lost Brazil order raises threat to Boeing fighter jets